4 minutes to read. By author Michaela Mora on October 6, 2010 Topics: Price Research, Analysis Techniques, Concept Testing, Conjoint Analysis, New Product Development
Price research can be tricky. David Lyon, principal at Aurora Market Modeling did a great review of past and current price research methods in his tutorial “Research for Solid Price Decisions” at the 2010 Sawtooth Software Conference in Newport Beach, CA.
The recurring theme across his presentation was the need to take into account respondent psychology and infuse realism in how we ask pricing questions in order to get unbiased results. The price research methods reviewed include:
In the end, the key is to take into account respondent psychology in the price research methods you use. As David says “give them realistic, natural questions and you’ll get less biased answers.”
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